Today’s Telegraph highlights the plight of a lady who lost her husband to cancer and then had the misfortune to discover that she had no income from his pension simply because she had not been named as a dependant.

Death is a subject that many people are uncomfortable talking about yet it is one of the few certainties in life. Planning around this certainty can help to reduce turmoil and worry at a time when emotions are understandably high. It’s never too early to plan.

I would always recommend following these simple steps:

Maintain an up-to-date record of your important financial matters – even more important if you handle the finances. Include a high level budget and details of mortgages, pensions, life assurance, insurance policies, solicitor, accountant etc. Make sure your dependants know where the document is stored.

Have a will and make sure it is maintained as your circumstances change.

Consider how your dependants will manage in the event of your death or if you are unable to work.

You’ve worked hard to build up your assets. Make sure that they can be passed to your dependants without unnecessary Inheritance Tax deductions.

Making provision to protect your dependants after you die is so important and doesn’t have to be difficult. Don’t put it off.

Steve Speed

16/02/2015